v3.21.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended 12 Months Ended
Aug. 31, 2021
Aug. 31, 2020
May 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 2,023,416 $ (601,171)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 193,799 186,707  
Amortization of debt discount 385,480  
Amortization of right of use assets 362,201 346,702  
Gain on forgiveness of note payable (358,236)  
Gain on extinguishment of convertible notes payable (780,050)  
Change in deferred tax asset (80,000)  
Accretion of consulting agreement (70,668) (70,668)  
Changes in operating assets and liabilities:      
Accounts receivable - trade (49,813,271) (5,444,080)  
Contract assets (25,040,837) (6,676,380)  
Factoring reserve 7,593,665 (2,159,517)  
Other prepaid expenses and current assets 129,248 (2,519)  
Deposits and other assets 160,000 1,042  
Accounts payable - trade 6,037,785 7,448,777  
Accrued expenses and other current liabilities 4,475,138 (2,468,748)  
Accrued freight 14,733,514 8,813,685  
Operating lease liability (351,830) (319,669)  
Net Cash Used in Operating Activities (40,400,646) (945,839)  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (24,199)  
Net Cash Used in Investing Activities (24,199)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from notes payable 1,000,000 87,500  
Repayments of notes payable (41,666)  
Repayments of long-term debt due to related parties (32,780) (7,500)  
Borrowings on revolving credit facility, net 39,543,083  
Net Cash Provided by Financing Activities 40,468,637 80,000  
Net change in cash and cash equivalents 43,792 (865,839)  
Cash and cash equivalents - Beginning of Period 252,615 1,349,363 $ 1,349,363
Cash and cash equivalents - End of Period 296,407 483,524 $ 252,615
Cash Paid During the Period for:      
Income taxes  
Interest 601,377  
SUPPLEMENTARY DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Conversion of Series B Preferred to Common Stock 125,692  
Issuance of common stock for the conversion of principal and accrued interest $ 150,558